Demographics & Trends I MKT 750 Dr. West. Agenda Looking back… How can Target leverage its brand? Fixing behavioral segmentation Snapshot of Demographic.

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Presentation transcript:

Demographics & Trends I MKT 750 Dr. West

Agenda Looking back… How can Target leverage its brand? Fixing behavioral segmentation Snapshot of Demographic Trends Fads versus Trends Examples of each How to tell them apart? How can we identify trends?

Food for thought Who are ‘s current and potential customers? (age, income, lifestyle) Why do they prefer to its competitors? How well is positioned relative to its competitors? How can leverage its brand?

Behavioral Segmentation: “Heavy versus Light” Users – “80/20 rule” Heavy Users: Efficiency/profitCaution: Majority Fallacy (20%) (32%) (88%) (48%) (95%) Percent of Consumers

Forecasting Requires: Understanding the past Monitoring demographic shifts Anticipating trends

Snapshot of Demographic Trends The US population more than tripled from 76 million in 1900 to 281 million in Growth of 32.7 million in the 1990s represents the largest numerical increase in any decade in history

Snapshot of Demographic Trends

Implications? Opportunities: Sun City / Retirement Communities Increasing property values Threats Health care and insurance problems in Florida Power Shortages in California

Snapshot of Demographic Trends The US population grew increasingly metropolitan, from 28 percent in 1910 to 80 percent in The suburbs, rather than central cities accounted for most of the growth By 2000 half of the population lived in suburban areas.

Snapshot of Demographic Trends

Implications? Opportunities Cooper MINI (BMW) Hybrid cars

Snapshot of Demographic Trends

Less developed countries represent 80.5 percent of the global population, this is up from 68 percent in 1950.

Snapshot of Demographic Trends

Implications? Opportunities: New markets Threats Lacking infrastructure

Snapshot of Demographic Trends National Trends & Projections Growth rate from was 7.1% and is expected to increase by 50% by Global Trends & Projections World population increase, gradually slowing. Expected to hit 9 billion by U.S. 289,991,634 World 6,267,017,685 12:24 EST Jan 07, 2003

Snapshot of Demographic Trends In 1900 half of the US population was less than 22.9 years old. By 2000, half of the population was more than 35.3 years old. The population age 65 and over increased tenfold, from 3.1 million in 1900 to 35 million in 2000.

Snapshot of Demographic Trends

National Trends & Projections The “mature” segment of the population will increase dramatically. 65+ segment will increase from 12.7% to 23.5% of the pop. 85+ segment will increase from 1% to 5.9% of the pop. Projected Growth (Millions)

Implications? Opportunities Pharmaceutical products (i.e. Viagra & Botok) Travel Threats Health care & insurance

Snapshot of Demographic Trends In 1900, 1 out of 8 Americans was not classified as white/not-Hispanic. At the of the century, the ratio was 1 out of 4. From 1980 to 2000, the Hispanic population more than doubled By 2000, the percentage of minority populations ranged from 16 percent for people over age 65 and 39 percent for those under age 25.

Snapshot of Demographic Trends National Trends & Projections

Snapshot of Demographic Trends In 1900, the most common household contained seven or more people. Average household size declined from 4.60 in 1900 to 2.59 in 2000, or by 44 percent.

Snapshot of Demographic Trends

Households and Families The share of “family” households fell from 81percent in 1970 to 71percent in 1990 and has remained at that level. The number of single parents increased from 3.8 million in 1970 to 11.7 million in 1996.

Snapshot of Demographic Trends

Marital Status and Living Arrangements

Additional Trends Two income families Higher education levels More “mobile” What are the implications?

Fads versus Trends

Critical Questions for Identifying Lifestyle Trends: Does it fit with lifestyle changes? What benefits does it provide? Can it be personalized? Who has adopted it?

Forecasting the Future Requires: Understanding the past Monitoring demographic shifts Anticipating trends Faith Popcorn's Website Yankelovich Monitor

Assignment Read Chapter 11 Memo 1 due on Wednesday Team Research Proposal Due by Friday